No one likes processing invoices. Entering dates and general ledger codes. Checking amounts and getting approvals. It’s a constant hassle and a huge headache. Especially if you’re in the transportation business.
Vendor, maintenance and carrier invoices come in from everywhere and quickly pile up. You might have information on various systems, including your Transportation Management System (TMS), Asset Management System (AMS), accounting system or Enterprise Resource Planning (ERP) software. You might have approvers in offices sprawled across the country. And you’re likely constantly rushing against time to avoid late penalties, get carriers paid, and make sure you have available credit with all your vendors.
Luckily, there’s a better way to deal with these Accounts Payable hassles and headaches.
Imagine that as invoices came in through email (or if you still have diehards using paper, through snail mail and then scanned into the system), they could all be downloaded automatically and sent to the appropriate person for indexing or approval.
Or even better, imagine that recurring vendor invoices could be indexed automatically, checked against amounts and limits you set, and automatically approved and posted if everything checks out.
Imagine that as maintenance invoices came in, they could be automatically matched with their original work or purchase order, and if the amounts check out (within a threshold you get to set), automatically approved and posted.
Imagine that as carrier invoices came in, your system could automatically check to make sure all the required backup documents were attached, then check the amounts on the invoice against what was agreed upon, and then approve and post the transaction if everything adds up.
A Document Management System Makes This Possible
Synergize is a Document Management System (DMS) that makes it possible to automate your AP process from end-to-end.
All incoming invoices can be quickly captured into your system, indexed automatically, and all documents can be automatically sent to the appropriate person for approval.
There will of course be exceptions that will have to be handled manually. Customers who insist on using paper or fax. New vendors, incorrect amounts, missing information and so on. But these should be the exception, not the rule.
With a digital system and workflow automation, you immediately gain huge efficiencies, complete visibility into spending, and stronger control over the entire process.
All invoices are stored in a central place where they can be accessed by staff in any location in seconds. No more missing invoices.
With a more efficient process, you not only save time and avoid hassles, you also avoid late penalties, can take advantage of early pay discounts with carriers and vendors, and most importantly, ensure that you have available credit with everyone you do business with.
AP doesn’t have to be a constant hassle and a huge headache. You can make the bills pay themselves. So do that.
Steele Roddick is a Content Specialist at Microdea where he creates content that helps transportation companies drive their business forward. He’s endlessly fascinated by technology trends, chess, and discovering new places to travel with his wife.